Telecom stocks downgraded by still-employed analysts

RBC Capital is a Canadian bank whose research analysts are still on the job, unlike half of Wall Street's. Too bad they're not able to crunch some happier numbers: RBC downgraded Alcatel-Lucent, Nortel, Garmin, Symmetricom, DSP Group and Ericsson this morning. Thirty-word version from analyst Mark Sue:

Companies with challenged industry structures, declining market share and deteriorating balance sheets may have additional difficulties, and the problems may be further accentuated by carrier customers who may now have decreased access to capital.